• Contact Us
  • Home
hospitalninojesus
Advertisement Banner
  • Health
  • Skincare
  • Medicine
  • Diet
    • Detox
  • Yoga
  • Dental
  • Surgery
    • Plastic Surgery
  • Weight Loss
No Result
View All Result
HealthNews
No Result
View All Result
Home Health

A Beginner’s Guide to Health Insurance Renewal

Clare Louise by Clare Louise
November 5, 2019
in Health
0
A Beginner’s Guide to Health Insurance Renewal
0
SHARES
76
VIEWS
Share on FacebookShare on Twitter

Health care costs have been rising exponentially. Thus, almost all family has medical insurance according to their requirements and capabilities. But like many other insurance policies, health insurance has also undergone tremendous change. Gone are the days when you purchased a health policy with a fixed premium until a certain specified age.

Today, you can get a health policy at any age, even at the age of 65. Moreover, most of the health care plans have turned into an annual agreement. You need to renew it once it gets over after a year. Plenty of things change at the time of renewing your health policy. It’s almost like purchasing a new policy though it offers you additional benefits depending on whether you have made a claim the past year or not. If you are renewing your health policy for the first time, it’s best to arsenal yourself with some vital information. Stay hooked!

Benefits of renewing health policy

Foremost, let us understand why we need to renew our health policy and not simply buy a new one when the old one expires. This is because there are several benefits attached to renewing your health policy.

Not only do you continue getting the continued protection but you are also able to enjoy the accrued benefits of the policy. For instance, if you did not make any medical claim during the past year, you get a no-claim bonus which keeps getting accumulated every year. It can mean a substantial decrease in the premium amount that you pay. But if you purchase a new plan, it might mean a higher premium with no perks as the amount increases with age due to an increased risk of potential illness.

All new health policies have a duration of no coverage after their inception. The health policy is not liable to be claimed during this period. This period usually varies from 30 to 45 days depending on various insurance companies. But if you renew your old policy in time, you are not limited by this no-coverage period. You keep on enjoying your health plan uninterrupted.

Apart from it, you also keep enjoying the tax benefits associated with the plan.

Conditions for renewability

People are often afraid that the insurance company refuses to renew the claim. According to IRDA, the insurance company can only refuse to renew the health insurance plan if there is any evidence of fraud, misrepresentation or a moral hazard proved i.e. the policy was deliberately taken to make a false claim.

Guide to renewing the health policy

Renewing a health policy is quite similar to purchasing a new policy but with some differences and advantages. They are:

  • Portability

The first advantage that you have at the time of renewing your health policy is to switch to a different health insurance provider for any reason. You can make this switch only at the time of renewing your health policy and at no other time. The best thing about it is the benefits that you have accumulated over the past year continues uninterrupted.

IRDA has laid down certain rules and regulations for porting like informing your old insurance provider at least 45 days before the lapse of policy about porting to a different vendor. The new vendor is also bound to provide you the coverage at least till the coverage provided by your policy. Other terms and conditions, if present must be obeyed for a successful porting of the policy.

  • Mode of renewal

It is important to note that the health insurance plan does not have an auto-renewal option. You need to renew it within the grace period of the policy. It cannot be renewed if it lapses i.e. you do not renew it within the time and the grace period stipulated.

You have the flexibility to renew your health policy online or via an insurance agent. The process is simple and straightforward. You need to go to the website of the insurance provider and feed in the policy details like the policy number, expiry date, etc. Then, you can key in all the details and make an online payment using a debit card, credit card, or net banking. After the payment procedure is complete, you get a digitally signed copy of your policy in your email. You can print it for record purposes.

The same procedure is followed by your insurance agent to renew your policy. Here, you pay the agent in cash or by cheque for renewal.

Wrapping up

Renewing your policy on time gives you a plethora of benefits. You also get the flexibility to adjust it to your changing needs like switching from individual to family policy and vice versa, adding or deleting family members, making adjustments in the sum insured depending on manifestation of any disease, etc. It is the perfect time to research and take the best health policy available to you.

Clare Louise

Clare Louise

Next Post
Quick Facts You are Still Unaware of Cosmetic Dentistry

Quick Facts You are Still Unaware of Cosmetic Dentistry

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • April 2019
  • March 2019

Categories

  • Addiction Treatment
  • Baby Care
  • Beauty
  • Business
  • Dental
  • Detox
  • Diet
  • Eye Surgery
  • Featured
  • Fitness
  • Hair Treatment
  • Health
  • Health Care
  • Health Insurance
  • Hernia
  • law
  • Massage therapist
  • Medicine
  • Mental health
  • Nursing
  • Orthopedic
  • Pain Management
  • Plastic Surgery
  • Podiatrist
  • Pregnancy
  • Psychotherapy
  • Rehab
  • Skincare
  • Surgery
  • Weight Loss
  • Wellness
  • Yoga

Recent Post

Understanding Supplements: The First Step in Incorporating Them Into Your Diet

Understanding Supplements: The First Step in Incorporating Them Into Your Diet

February 3, 2023
Internet Gothic Jewelry Shopping Has its Benefits

Internet Gothic Jewelry Shopping Has its Benefits

February 3, 2023
How is a Gonstead Chiropractor different from other Chiropractors?

How is a Gonstead Chiropractor different from other Chiropractors?

January 31, 2023
Fine Lines and Wrinkles: Causes and Treatments

Fine Lines and Wrinkles: Causes and Treatments

January 20, 2023
Erectile Dysfunction and Diabetes: What You Need to Know

Erectile Dysfunction and Diabetes: What You Need to Know

January 19, 2023

Advertisement

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • April 2019
  • March 2019

Follow us

Categories

  • Addiction Treatment
  • Baby Care
  • Beauty
  • Business
  • Dental
  • Detox
  • Diet
  • Eye Surgery
  • Featured
  • Fitness
  • Hair Treatment
  • Health
  • Health Care
  • Health Insurance
  • Hernia
  • law
  • Massage therapist
  • Medicine
  • Mental health
  • Nursing
  • Orthopedic
  • Pain Management
  • Plastic Surgery
  • Podiatrist
  • Pregnancy
  • Psychotherapy
  • Rehab
  • Skincare
  • Surgery
  • Weight Loss
  • Wellness
  • Yoga

Featured

Latest Post

Understanding Supplements: The First Step in Incorporating Them Into Your Diet

Understanding Supplements: The First Step in Incorporating Them Into Your Diet

February 3, 2023
Internet Gothic Jewelry Shopping Has its Benefits

Internet Gothic Jewelry Shopping Has its Benefits

February 3, 2023
How is a Gonstead Chiropractor different from other Chiropractors?

How is a Gonstead Chiropractor different from other Chiropractors?

January 31, 2023
Fine Lines and Wrinkles: Causes and Treatments

Fine Lines and Wrinkles: Causes and Treatments

January 20, 2023
  • Contact Us
  • Health
  • Skincare
  • Medicine
  • Diet
  • Yoga

Copyright © 2019 hospitalninojesus.com | All Right Reserved.

No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • Health

Copyright © 2019 hospitalninojesus.com | All Right Reserved.